Chapter 1 Trading journal #12 - 01/22/2019 -$42

Day overview:

• I’m finishing red on the day. What was good today, I recognized at some point — that I’m feeling like being on the tilt and took a walk. I also stayed completely away from having more than 100 shares, while in the trade ( good)
• I had really certain amount of trades I would have preferred not to be in ( 2 clear mistakes)
• I know now I need to work more on the entries aka scaling in. ( I probably need to include it in my morning game plan — how I am entering and where I’m out.
• Now we have a volume forecast — so this one red flag is quite clear ( if it growing up, while the price is holding or going up — get out)

LL: Plan your entries!

• For Morning Pops — wait for Volume Demand for the entry
• For Mean day reverse — do not enter on 1 minute. Always have 3|5|15 minute perspective — that’s the only way to get the right timing.

Trades review:

$NVCN This was a really good setup. It sold off premarket and showed us weakness + provided really clean resistance levels to be short against.

• I should have waited for a pop — before getting in.
• What to look for next time: Morning volume demand peak = perfect short
• I really need to plan how I can scale into these pops ( especially when I have a fundamental conviction)

$TGTX Chased with small size — on the tape it was just red — wasn’t even able to add.

• The good thing with these setups is always to have really tight stop for chasing.
• The stock goes into a playbook

$AMRN Not proud of this setup.

• I have a feeling that entry here should have been only after waiting for entry on 5 min or 15 min chart, see below:

LL: scan for entries on 15 min if??? for runners on the day.

$STAF Just a clear mistake hear, nothing to say — should have stayed away.

I got stopped out multiple times here. Clearly, entry for these runners should be at least on a 3-minute chart, while may be watching 15 min chart just to get some perspective.

Read next: Chapter 1 Trading journal — #13 01/23/2019 +$22

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